Wings Financial Has Competitive Limited-Time 18-Month CD Special
As part of its Member Appreciation Month, Minnesota-based Wings Financial Credit Union (Wings Financial) is offering an 18-month CD Special earning 0.85% APY now through July 31, 2021. Unlike the majority of Wings Financial CDs that have tiered APYs based on four deposit levels ($500, $10k, $100k, and $250k), the 18-month CD Special can be opened with a minimum $500 opening deposit to earn the stated APY. New money is required and is defined simply as funds not currently on deposit with Wings Financial.
The 18-month CD Special is also available as an IRA CD Special (Traditional, Roth, and CESA), earning the same APY with the same deposit requirements.
As stated in the CD FAQs, the Early Withdrawal Penalty (EWP) reads as follows:
Term less than 24 months = Loss of amount equivalent to 6 months’ dividends (180 days)
Term 24 months or greater = Loss of amount equivalent 2 years’ dividends (730 days)
As you can see, the EWP for the short-term CDs is fairly standard, while long-term CD EWP is definitely harsh.
There is a ten calendar day grace period before a CD is automatically renewed.
$300 Checking Bonus
Wings Financial is also offering a $300 bonus for opening a new First Class Checking or High-Yield Checking account now through July 31, 2021. As stated on the bonus promotion page,
- One offer per person.
- Account must be opened in-branch or online using promo code 300CHECKING between 07/01/21 and 07/31/21.
- Membership with a Share Savings account & $5 minimum opening deposit required and must be opened at the same time as checking account.
- New members only; cannot have been a member within 12 months of account opening.
- Must be 18 years or older.
- ACH direct deposit(s)* of at least $300, eDocument enrollment & five debit card transactions of $5+ each must be completed within 60 days of account opening.
If the above requirements are met, the $300 bonus will be paid into the new checking account by September 30, 2021. The checking account must be in good standing (positive balance for the last 30 days) and have an active direct deposit at the time of payment.
The High-Yield Checking account is a rewards checking account (RCA) that earns 1.75% APY on qualifying balances up to $25k. Qualifying balances greater than $25k and non-qualifying balances both earn 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.76*% | - | $25k | Wings Financial Credit Union | High Yield Checking | |
| OTHER TIERS: 0.01% → $25k+ | |||||
| 0.01% | - | - | Wings Financial Credit Union | First Class Checking Account (Share Draft) | |
The monthly qualifying requirements include:
- At least 15 PIN or signature POS debit card transactions ($5 minimum)
- At least $300 in direct deposit(s)
- Be enrolled in eDocuments
The First Class Checking account in a non-RCA, which earns 0.05% APY on all balances.
Availability
Headquartered in Apple Valley, Minnesota, Wings Financial Credit Union’s field of membership (FOM) includes virtually all U.S. citizens and resident aliens.
Easy Membership: Option #4 on Wings Financial’s online application reads, “I would like to become a member of Wings Financial Credit Union by making a donation of at least $5 to the Wings Financial Foundation."
Residency: In the last four years, Wings Financial has expanded its geographical eligibility to include parts of Florida, Georgia, Michigan, and Washington.
Anyone who lives or works in the following regions is eligible to become a member:
- Any Minnesota or Wisconsin county
- Seattle-Tacoma, WA metro area
- Detroit, MI metro area
- Orlando, FL metro area
- Atlanta, GA metro area
Employment: Individuals (and their immediate family members) who work for an airline or a government agency working with the aviation industry, or who work at an airport directly with air freight, air courier, or air transportation qualify for membership.
Relationship: Immediate family members of current Wing Financial members are eligible to join.
Joining Wings Financial can be done online or at any of 28 branches located in Florida, Georgia, Michigan (2), Minnesota (23), and Washington. All the branches, with the exception of those in Minnesota, are located near major airports.
As stated in the fine print for the 18-month CD Special on the Savings Rates page,
Promotional rate valid between 7/1-7/31/21. Certificate must be opened in a branch or through the National Contact Center [800.692.2274].
Establishing a new Wings Financial membership requires a minimum $5 deposit in a Share Savings account.
Wings Financial does not participate in the CO-OP Shared Branch network, but it does offers its members access to more than 80,000 surcharge-free ATMs in the Allpoint, CO-OP, and MoneyPass networks.
Credit Union Overview
Wings Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.02% (excellent) based on March 31, 2021 data. In the past year, Wings Financial has increased its total non-brokered deposits by $1.19 billion, an excellent annual growth rate of 25.18%. Please refer to our financial overview of Wings Financial Credit Union (NCUA Charter # 68601) for more details.
Wings Financial Credit Union was originally founded in 1938 as Northwest Airlines Credit Union by seven airline employees. The “Wings Financial” rebrand occurred in 2003 following a charter expansion making the credit union the first to serve all air transportation. Recognized in 2017 as the top Minnesota financial institution by Money Magazine, Wings Financial is currently the 34th largest credit union in the country, with more than 311,000 members and assets in excess of $7.1 billion.
How the CD Special Compares
When compared to 149 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a similar minimum deposit, Wings Financial Credit Union's 18-month CD Special APY currently ranks first.
The above information and rates are accurate as of 7/8/2021.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.
